reg 9 10 a 2182021

Charitable deductions are limited to --------- of taxable income.

Corporations may deduct from income dividends from domestic corporations partially or wholly owned by the recipient corporation. The percentage deductible is determined by the percentage ownership. An 80% ownership results in a ------- dividend deduction.

Fines and penalties paid to a government entity are------------------------------

A deduction for business gifts is allowable only to the extent of ------- per donee per year.

A corporation’s losses are deductible only to the extent of---------------------- However, the loss may be carried over to a year with a gain to offset.

For 2020, a corporation is deemed to elect to expense up to -------------- of qualified organizational expenses in the taxable year in which the business begins.

State income taxes based on gross income are deductible. Federal income taxes ---------.

Generally, when employers receive life insurance proceeds on an employee, only the amount of premiums paid can be excluded. However, for key employees, -----------------------------------------------------------------------.

An NOL generated in 2018 or later may be------------------------------------- to succeeding tax years, and is not allowed to be carried back.